Gasoline Prices Top $6 In California, $9 In Parts Of Europe

Gas prices in both the United States and Europe hit new highs on Wednesday, with average prices per gallon in California topping $6, compared to over $9 in Norway and Denmark as Russia’s war on Ukraine plays out in the global energy sector. On Wednesday, the US national average at the pump rose to $4,567, … Read more

Oil Prices Move Higher On Bullish EIA Inventory Data

Crude oil prices moved higher today after the Energy Information Administration reported an inventory draw of 3.4 million barrels for the week to May 13. At 420.8 million barrels, the EIA said, inventories of crude oil were 14 percent below the five-year average for this time of the year. A week earlier, crude oil inventories … Read more

The Swiss Connection: How Russia Is Weathering Tough Sanctions

A couple of weeks ago, Putin went on record calling the war in Ukraine a “tragedy” and claiming that economic sanctions imposed on his country had “failed.” Turns out he wasn’t exactly bluffing. Three months into the most severe and coordinated sanctions by Western governments, Russia’s economy is proving to be a hard nut to … Read more

API Reports Inventory Draws In Crude, Gasoline Despite SPR Release

The American Petroleum Institute (API) reported a draw this week for crude oil of 2.445 million barrels, compared to analyst predictions of a 1.533 million barrel build. The draw comes even as the Department of Energy released 5 million barrels from the Strategic Petroleum Reserves in Week Ending May 13. US crude inventories have shed … Read more

New Trading Firms Replace Oil Majors In Business With Russia

New, small oil trading companies are replacing the commodity majors that are suspending their business relations with Russia amid Western sanctions against Moscow. Bloomberg reports that there are some legacy traders still exporting Russian crude, as well as several smaller players and a few new entrants into the field. The biggest Russian oil trader right … Read more

Hungary Says Complying With Russia Oil Ban Would Cost It $811 Million

The biggest holdout to an EU embargo on Russian oil imports, Hungary, continues to dig its heels in, and has told the other European Union members it would need at least $811 million (770 million euro) to prepare its refineries and pipelines for ditching Russian oil, Bloomberg reported on Tuesday, citing documents it has reviewed … Read more

The Real Reason Gasoline And Diesel Prices Are So High

Oil prices are a common topic of conversation around the office water cooler these days. As you might expect, perspective matters. The folks at the Halliburton, (NYSE: HAL), office in Midland, Texas likely view the advent of $100 WTI much more warmly than many others whose living doesn’t depend on it directly. At the other … Read more

Oil Prices Surge Past $113 As Shanghai Signals End Of Lockdown

Oil prices have topped $113 per barrel on optimism that China’s lockdowns are coming to an end and demand will not take a prolonged hit. In early afternoon markets Monday, news that Shanghai was seeing a strong recovery from COVID cases, with plans in place to ease lockdown restrictions beginning this week, outweighed a litany … Read more

Highest Ever US Gasoline Prices Aren’t Destroying Demand

US gasoline demand is not going down despite record-high gasoline prices, which have been beating previous all-time highs on a daily basis in the past two weeks. As of May 16, the nationwide average price of a gallon of regular gasoline was $4.483—the highest on record, according to AAA data. That’s up from $4,328 a … Read more